Stop-N-Go and Circle K-Small Stores That Serve Consumers Willing to Pay

question 88

Multiple Choice

Stop-N-Go and Circle K-small stores that serve consumers willing to pay a higher price for the ease of buying staples close to home-are ________.

• A)specialty stores
• B)convenience stores
• C)supermarkets
• D)hypermarkets
• E)off-price retailers

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Definitions:

Consumer Surplus

The difference between the maximum price consumers are willing to pay and the market price they actually pay.

International Trade

The trade of products, services, and funds across borders or territories of different countries.

Autarky Price

The price of a good or service within a country that is not involved in trade; the domestic price in the absence of international trade.

Autarky Price

The price of a good in a country when it is closed to international trade, reflecting the balance of domestic supply and demand.